In a letter addressed to the European Heads of State and Government, John Monks, General Secretary of the ETUC, strongly warned against the austerity measures being applied in most EU countries.
Said John Monks: “The European political leaders have, in our view, given in to panic mainly under the pressure of the financial markets. This panic will hit hard an already weakened economy and carries the risk of a European-wide dive into recession. Such measures of synchronized cuts was the policy followed by the US President Hoover in 1931 with the disastrous consequences that we all know”.
Letter to Heads of State and Government: http://www.etuc.org/IMG/pdf_090610_The_economic_crisis_Next_week_summit-2.pdf
